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CNG frowns over high prices of goods amidst naira appreciation
The Coalition of Northern Groups (CNG), on Saturday, expresses its deep concern over the unjustified prices of goods and services in the market despite the recent crash of the U.S dollar against the naira.
The CNG views this as an exploitation of the Nigerians and a blatant disregard for the economic realities of the country by unpatriotic business entities.
CNG, in a statement signed by its National Coordinator, Comrade Jamilu Aliyu Charanchi, said subjecting Nigerians to high prices of commodities amid the present strength of the naira was not only uncalled for but unpatriotic.
The CNG observed that naira has recorded a significant appreciation against the US dollar, with the exchange rate currently between N900 – N1,000 to a dollar, down from N1,900 to a dollar in recent months. Regrettably, businesses have maintained their fleecing of Nigerians by refusing to adjust the prices to reflect the current market reality despite the recent appreciable gain by naira.
The CNG strongly condemns this unpatriotic act by businesses, which is causing untold hardship to Nigerians, particularly the vulnerable and low-income earners; describing it as totally unacceptable.
CNG calls on the Federal Government to devise means to ensure that businesses comply with the current exchange rate and adjust their prices accordingly for the benefit of Nigerians.
Charanchi said: “The CNG wishes to commend the efforts of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), and other relevant agencies for their efforts to stabilize the naira. The CNG notes that the recent measures taken by the NSA and CBN to strengthen the naira have been successful, leading to a significant reduction in the dollar exchange rate.
“The CNG, therefore, calls for sustainability of the measures to ensure stability of the naira that would culminate in stronger naira of below N500 to a dollar in the nearest future.
“Furthermore, the CNG reiterates its call on President Bola Tinubu to wholly support Office of the NSA and the CBN to decisively deal with any economic saboteurs who are try to derail the successes recorded for their selfish end to the detriment of Nigerians.
“In the same vein, the CNG warmly welcomes Dangote’s diesel price adjustment that slashed about 60% to reflect current rebound value of naira, describing it as a commendable gesture that is worthy of emulation by other businesses in Nigeria.
“Thus, the CNG appeals to the government to consider selling crude oil to the Dangote Refinery and any other interested local refiner in naira as doing so would make fuel more affordable to Nigerians thereby breaking away from dollar-dependent value.
“The CNG believes that selling crude oil to the Dangote Refinery in naira will not only help reduce price of fuel in the country but will also be immensely beneficial to the Nigeria economy as a practical solution that will have a positive impact on the lives of millions of Nigerians.”
CNG also regrets that some state governors are allegedly diverting public funds to engage in forex business, which has led to the strengthening of the US dollar against the naira with attendant negative consequences on the masses.
The group added, “The CNG reminds such governors that public funds allocated to them to provide for critical needs of their people such as education, healthcare, and infrastructure are a trust that must be accounted for before a man or before the Almighty God.
“At this juncture, the CNG commends Nigeria for prosecuting Binance officials to face justice for tax evasion and other crimes to the Nigerian economy while calling for collaboration with the Interpol in ensuring that the official who escaped from Nigeria is repatriated to face justice in the country.
“It is soothing to note that the National Hajj Commission of Nigeria (NAHCON) recently noted that it would likely reimburse excess funds pilgrims who have made payments when dollar prices were high due to appreciation of naira.”
CNG applauds a few businesses that have adjusted their prices downward to go in tandem with the current value of naira that is steadily appreciating.
US President Donald Trump has asserted that he is not jesting about his ambitions for a third presidential term, despite the constitutional restrictions in place.
While the U.S. Constitution prohibits any individual from serving more than two four-year terms, Trump indicated that it is premature to delve into such considerations.
Having assumed office for his second, non-consecutive term on January 20, Trump has hinted at his desire for a third term, addressing the matter more directly in a telephone conversation with NBC News.
“No, I’m not joking. I’m not joking,” Trump reiterated, though he acknowledged, “it is far too early to think about it.”
He hinted at potential avenues to pursue this goal without providing specific details.
According to the 22nd Amendment of the U.S. Constitution, U.S. presidents are limited to two terms, whether consecutive or not. To amend this constitutional provision would require a two-thirds majority in both houses of Congress, followed by ratification from three-fourths of the 50 state legislatures.
Some of Trump’s allies have suggested the feasibility of extending his stay in the White House beyond 2028. Trump himself has alluded to this notion on multiple occasions, often in a manner that challenges his political adversaries. Should he pursue another term after the November 2028 election, he would be 82 years old, having previously made history as the oldest president at the time of his inauguration.
The tradition of limiting presidential terms was established by George Washington in 1796. This practice was largely followed for over 140 years until Franklin D. Roosevelt broke the norm by winning a third term in 1940. Roosevelt, who led the nation through the Great Depression and World War II, sadly passed away during his fourth term in 1945, leading to the enactment of the term limits amendment in 1951.
Steve Bannon, a long-time adviser to Trump, expressed in a March 19 interview with NewsNation his belief that Trump will indeed run again in 2028. Bannon noted that he and others are exploring ways to facilitate this ambition, including reviewing the definition of term limits. “We’re working on it,” he stated, underscoring the ongoing discussions surrounding Trump’s political future.
Traders in Lagos have voiced their concerns regarding the significant decline in food sales, particularly for pepper, attributing the downturn to rising prices and the diminished purchasing power of local residents.
In interviews conducted by the News Agency of Nigeria (NAN), both traders and consumers shared their experiences regarding patronage as the Sallah celebration approaches.
Mr. Rabiu Zuntu, Chairman of the Tomato Growers and Processors Association of Nigeria (Kaduna chapter), linked the situation to the heightened prices of produce and the weakened purchasing capacity of consumers. He stated, “Pepper prices in the north are also steep, with a jumbo 50kg bag reaching as high as N150,000, compared to N60,000 to N70,000 just months ago. This price surge may adversely affect the Sallah festivities, as only a few consumers may afford these products.”
Zuntu further explained, “Currently, we are outside the pepper farming season. Insufficient rainfall has led to a scarcity of this commodity, with only a handful of farmers involved in irrigation. Many will resort to using dried pepper, which is more affordable during this time, although demand remains low. We anticipate an increase in demand as the celebration nears.”
Mrs. Mistura Balogun, a pepper vendor at Lawanson Market in Surulere, echoed these sentiments, noting the unusually low customer turnout. “It’s not just pepper that has become expensive; many other goods have seen price increases as well. Typically, this time of year should see a bustling market, but today is quite different. I have been at my stall since morning, and the number of customers is minimal,” she lamented.
Similarly, Mrs. Mojisola Gbadegesin, another pepper seller at Idi-Araba market, reported a stark decrease in patronage. “Despite the high prices, we usually see customers buying pepper, but this year is different. The market feels deserted, and business is sluggish,” she remarked.
Mrs. Judith Amen, also a foodstuff vendor, highlighted that the rising prices of pepper and other food items are likely to escalate further as the celebrations peak. “At the start of the week, a small bag of scotch bonnet pepper was priced at N70,000, and I expect prices to soar over the weekend due to Sallah. A good quality bag of rice is selling for N85,000, while lower-quality options range from N60,000 to N75,000. Although patronage is currently low, we anticipate an uptick a day before Sallah, but consumers will only purchase what they can afford,” she explained.
Mr. John Nwabueze, a trader in the Agege area, expressed frustration over the lack of customers as Eid celebrations begin. “Sales have been notably low, with people buying only what their budgets allow. The market has been unusually quiet, affecting all commodities, including rice. A 50kg bag of rice is priced between N76,000 and N78,000, yet sales remain sluggish this Sallah,” he noted.
Mrs. Amina Fakunle, a resident of the Alimosho area, remarked that the high cost of pepper would lead consumers to celebrate in a more subdued manner. “Just six pieces of pepper cost about N500, which is the lowest price available. With these prices, people will likely opt for a low-key celebration,” she stated.
Mr. David Oriafo, a resident of the Dopemu area, also commented on the lack of festive activity in the market. “I managed to purchase a few items for my family to save costs, but it’s evident that the usual festive buzz is missing. People are only buying what they can afford, much like myself,” he shared. (NAN)
A Nigerian boxer, Segun “Success” Olanrewaju, has died after slumping during a boxing match in Ghana.
The Secretary-General of the Nigerian Boxing Board of Control (NBB of C), Remi Aboderin confirmed the death of the boxer on Sunday.
The 40-year-old boxer, nicknamed “Success”, stumbled to the canvas while fighting Jon Mbanugu, a Ghanian, at Fight Night 15 of the Ghana Professional Boxing League at Bukom Boxing Arena, Accra, on Saturday.
Olanrewaju was not punched or near his opponent when he collapsed violently in round three of the light-heavyweight bout.
The referee called the match immediately, and medical aid was ushered into the ring.
Olarenwaju died after he was rushed to Korle Bu Teaching Hospital.
Ther boxer was a former West African and national light-heavyweight champion.
He competed in 24 bouts with 13 wins, eight losses, and three draws.
In 2022, Chukwuemeka Igboanugo, another boxer, also died after suffering a technical knockout (TKO) in a bout at the National Sports Festival (NSF) in Delta.
Igboanugo died after he took a fatal blow to the nose and did not survive the hit.